Whatever the size of an organization, it is vital that the identities of all of its customers -- consumers and businesses -- are checked thoroughly, especially in the current economic climate when fraud is on the rise. As the FSA continues to keep a sharp eye on the way companies manage the risk associated with money laundering, with new regulations recently enforced, this is no time for them to drag their feet over compliance. The latest FSA Money Laundering Directive requires FSA regulated organizations to check and verify the identity of all clients, irrespective of the time that they have been dealing with them. Ease of use and interpretation, flexibility and transparency of data are all critical to efficient and effective Anti-Money Laundering compliance.
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